The First Day : 3.18.15

Ok, today isn't really my first day. I've been on Bigger Pockets for a little over a month now. But this is my first day starting a new idea -- that is, tracking my every move day by day until my first property is owned.

I'm like a good portion of the community here at BP; a newbie; trying to learn veteran tricks to kickstart my projects in the right direction. It's a bit of a catch 22, because it seems like everyone who's been there done that here at BP is preaching you must take the chance, step off the ledge, do it, etc. Yet, as husband and father, I want to make sure I'm making educated decisions. Because in the end, the moves I make, don't just effect me, they effect my family. Somewhere in the middle of learning and trial & error is where I'm hoping to jump off that ledge and into an awesome property.

What I've Learned So Far
It's funny how things work. A few weeks ago I hopped on a flight to Oklahoma City. Started chatting with a guy sitting next to me who turns out to be a member of the BP community! I had only joined maybe 2 weeks prior. We talked about deals he's done, how he got started, a few in's and out's along the way that helped him -- I should point out, he's only been doing this a little over a year. He turned me onto the BP podcasts, from there I've spent hours listening, learning. Now, I'm not much of a reader, I prefer the podcast way - very visual -- but there are tons of books the guests recommend that I would recommend you checking out. Here's a great article about books on BP.

Where I'm At Now

I've also learned a few things about finding deals. That's sort of the phase I'm in now. From contacting property owners before they hit the MLS to auction sites like homesearch.com, auction.com, hubzu.com -- plenty others. 

I think one thing that people overlook -- and it doesn't get much talk from what I've read/listened to -- is the importance of running a business. Real Estate is just like any other business, you have to have a good plan for your office administration, marketing and other basic business doings. I didn't go to business school, but I have started a couple of small business in my past, so that helps to understand the need.

I've learned about a website called nextdoor.com. It's basically a social network for neighborhoods. Very cool! It's an excellent way to learn about your neighborhood -- or to ask others about their neighborhood. 

What I did Today

I've been watching a property over the past 2/3 days. Now, I know what you vets are saying, you can't sit on it. However, I'm going to, and if I loose it, so be it. This property is going to auction and starting bid is $100. I think it will go in the $10-$20,000 range. It's close to where I live and I plan to go look at it later this afternoon. I want to get a good idea of curb appeal potential, neighborhood perception, and then take a good look at the structure, roof, etc of the home.

I took a stroll to the courthouse during lunch to get more information about the property. When I got there, I realized I could probably get a list of foreclosures for the county from the clerk. When I asked for that list, she told me they only list online now. Completely digital....

Quick funny side story... When I walked into the courthouse main lobby I approached the information desk and asked "where do they sell foreclosures here". He looked at me and laughed, then said, "They haven't done that here for years, son. It's all online now". I thought that was funny -- because I am in technology, I probably should have known that.

...she gave me a print out of the information I need to get online, create an account -- blah blah -- but told me the % and $ information that I needed to know. I didn't come away with any ground breaking information, but I feel like today was a win because I acted on something. 

Whats Next

Next steps include:

1. 1. Driving by the property I mentioned above.
2. 2. Getting a good look at properties on the website I was directed to.
3. 3. I have a close friend that works for a lending bank. I'm going to chat with him about creative ways to get loans. (I don't have a ton of money to put down -- so I have to build from the bottom up)
4. 4. Write tomorrows blog post.

I hope this helps someone. Maybe not now, but perhaps in the years to come. If you're a vet and been doing this a long time, your feedback would be gladly appreciated! I'm not even sure anyone will ever read this, but at the end of the day, it helps me think through and create a plan that hopefully by this time next year, I've acted on a property or properties.

Until tomorrow...

Lance